In a latest move, Trump-family backed DeFi project World Liberty Financial (WLFI) has burned 47 million tokens worth $11.34 million. This happened after the token’s successful launch on September 2, on leading decentralized exchanges (DEXs) and centralized exchanges (CEXs) simultaneously.
As noted by Lookonchain, the project burned 47 million WLFI tokens on Ethereum blockchain by sending it to the NULL address.
The Null address (0x00..000), also called ‘blackhole,’ is a special address, mostly used to burn token supply. Once tokens are sent to this address, they are removed from the circulating supply and can not be recovered in future.
The Historic Launch of WLFI Token
The launch of WLFI trading was much anticipated by the crypto community, which is currently trading near $0.2293 with a 24 hour trading volume of $1.61 billion.
According to reports shared through WLFI’s X account, early retail investors at $0.015 and $0.05 were prioritized ahead of founders, team, and partners. The project also confirmed that no founders, team, or co-founders sold tokens. It further stated that founder unlocks will occur only via governance, shedding more light to transparency.
The Founder of Tron blockchain, Justin Sun, also showed his support to the WLFI project by announcing on X that he truly believed this would be one of the biggest and most important projects in crypto.
Also Read: Trump-Linked WLFI Proposes 100% Token Burn Strategy
